I know that they are tied right now but that wont last for long. Wake is appropriately ranked, UNC is much too low. UNC is the better of the schools, and it is going to get better int he near future because of a change in the leadership and concerns over funding and faculty quality. UNC also has a much stronger coastal reach ... it is much more feasible to move to DC, NYC, etc. from UNC.
You would think the quotas would hurt them, but when UT loosened their quotas, it didn't help them in the rankings AT ALL. I suspect a lot of out-of-state people they waitlist/reject probably wouldn't go their anyway.
UNC waitlisted me while Wake gave me a full ride.